tightening up
profitable day with puts on the counter as AAPL did not present a long entry and ran at the bell.
looking for profit taking at the open
Have been finding success dividing channels into halves. In this case the upper channel is defined by the top two yellow slopes with the blue slope being the fifty. This blue line back to the yellow line at the apex of the blue diamond derived from the earnings spike creates a new channel..
Monday's have been for bulls..does it continue tomorrow?
Often a move will back test the dart, I am on the look out for a 15 wick off any slope of the dart.
Scouting a weekly play for next week, Big Diamond Patterns, vs Diamonds made from Fib Res Speed Circles, in the Pattern Trading Definition of a Diamond, leave more Diamond Patterns in their wakes. Diamonds are for Theta Burn..
This diamond is in play, Profit taking was in effect this morning..
The channel lines-up with the slope created at the lows of March. To regain bull momentum SPX is looking to gain this line in the sand. A fall and test of the lower bound would be a compelling buy zone.
Fib Speed Resistance Arcs include a factor for time into the equation. This time factor is the key ingredient in defining the slope that the equity is entangled with. A quick look at the AAPL earnings result shows price tracked to the top of the diamond channel. Penny wick!
How will the 4/1 split impact options and their delta and theta's? The goal from AAPL is stated to provide expanded access to investing in their company, what do you all project the increase in volume might be?
What a move! Using the diamond to identify likely slopes for channel creation has potential to provide great entries.
This Diamond continues to be in play offer back tests for entries and resistance zones.
This Double Diamond at the top of the QQQ trend provided support/res lines for the 30 Minute QQQ H&S that confirmed with follow through on Tuesday July 28th.